‘Key learning’ helps Strickland boost Shanac MRE to 5.30 Moz of gold equivalent

Strickland Metals (ASX:STK) has reached an important milestone with its Rogozna gold and base metals project in Serbia, increasing the mineral resource estimate of the Shanac deposit to 5.30 million ounces of gold equivalent.

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The increase amounts to 150 million tonnes at 0.64 grams per tonne of gold, 0.12% of copper, 0.34% of zinc, 0.24% of lead, and 5.8g/t of silver – or 1.1g/t AuEq.

Also included in this is a higher-grade resource of 32Mt at 1.0g/t Au, 0.20% Cu, 9.6g/t Ag, 0.39% Pb and 0.63% Zn (or 1.8g/t AuEq) for 1.85Moz AuEq. This has a cut-off grade of 1.2g/t AuEq, Strickland reported today.

This brings the total MRE of Rogozna to 7.40Moz AuEq: An increase of approximately 2Moz AuEq since Strickland’s acquisition in July 2024.

“Our 2024 drilling program at Shanac was designed to improve our understanding of the geological controls and distribution of the higher-grade mineralisation zones within the bulk tonnage deposit,” managing director Paul L’Herpiniere said.

Compared to an MRE from 2023, this new data represents a 15% increase in contained metal – on an AuEq basis – and a 17% increase in contained gold, a 38% increase in contained copper and a 40% increase in contained zinc.

“The recognition of the central dyke as one of the key geological controls – with associated high-grade mineralisation [on] either side of the dyke in what is now referred to as the central domain – was a key learning… and has underpinned a vastly improved resource model that has delivered an overall around 15% increase in metal within the broader deposit,” Mr L’Herpiniere explained.

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MIK modelling methods were used to develop the updated MRE; the latter is constrained by optimised sub-level cave underground mining stopes, based on a conservative long-term gold price of US$2,250/oz.

Strickland has been selling at 7.7 cents in early Thursday trade.

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